Wise has launched its accounts service and prepaid card in the Philippines, expanding its financial services offerings in the country

The findings of a survey conducted by Wise, a prominent payments company, highlight that a significant majority, approximately 73% of Filipinos, continue to utilize traditional platforms for international money transfers. This indicates a prevailing reliance on conventional methods despite the availability of more modern and efficient alternatives.

Furthermore, the survey revealed that only a minority, specifically 21% of respondents, possess a comprehensive understanding of hidden fees associated with international transfers, such as inflated exchange rates. This lack of awareness underscores the importance of financial literacy and transparency in the realm of cross-border transactions, emphasizing the need for accessible and clear information to empower consumers in making informed decisions regarding their money transfers.

In response to the survey findings indicating the prevalent use of traditional platforms for international money transfers and limited understanding of hidden fees among Filipinos, Wise has made the strategic decision to introduce its Wise Account and prepaid card services in the Philippines.

Through these offerings, users in the country can benefit from various advantages, including the ability to receive foreign payments at no cost, hold funds in over 40 different currencies, transfer money to local bank accounts or supported digital wallets, and make purchases abroad in more than 160 countries. The convenience and flexibility provided by these services enable users to efficiently manage their transactions through Wise's user-friendly website or mobile application, empowering them with greater control and transparency over their international financial activities.

By introducing its Wise Account and prepaid card services in the Philippines, Wise seeks to address the diverse needs of various user segments, including freelancers, international students, travelers, and relatives of overseas workers. These products are designed to offer tailored solutions that cater to the specific requirements of each group, providing them with convenient and cost-effective ways to manage their finances and conduct international transactions.

Wise's entry into the Philippine market comes at an opportune time, given the substantial volume of personal remittances flowing into the country. In 2023, personal remittances to the Philippines reached a record high of US$37.2 billion, underscoring the significant market potential for financial services that facilitate cross-border transactions and money management. By tapping into this lucrative market and offering innovative solutions, Wise aims to position itself as a key player in the Philippines' evolving financial landscape, driving financial inclusion and empowering individuals with efficient and transparent financial services.

Wise's operations in the Philippines are overseen by country manager Areson Cuevas, who brings valuable expertise to the role. Before joining the payments company, Cuevas served as the Chief Operating Officer at MarCoPay, a fintech service tailored to Filipino seafarers. His background in the fintech industry, particularly in catering to the unique needs of Filipino customers, positions him well to lead Wise's initiatives in the country.

In a statement, Cuevas expressed Wise's commitment to its global expansion mission and its dedication to assisting a broader customer base in avoiding unjust exchange rates and concealed fees. This aligns with Wise's overarching goal of providing transparent and cost-effective financial services to empower individuals worldwide in managing their international transactions efficiently and fairly.

In line with its commitment to enhancing user experience and accessibility, Wise is set to introduce additional funding options for Filipino users, including bank transfers and e-wallets. Presently, customers are limited to topping up their accounts solely through a bank card. By expanding the range of funding methods available, Wise aims to provide greater flexibility and convenience to its Filipino user base, enabling them to manage their finances more efficiently and seamlessly.

Established in 2011, Wise has garnered a substantial customer base of over 10 million individuals worldwide, operating in excess of 50 countries. In Southeast Asia, the company has established a strong presence in countries such as Indonesia, Malaysia, Singapore, and Thailand, offering its innovative financial services to cater to the diverse needs of customers in the region. Through its global reach and commitment to providing transparent and cost-effective solutions, Wise continues to empower individuals across the globe in navigating their international financial transactions with ease and confidence.